30 September 2024
Vox Valor Capital Limited
("Vox Valor" or the "Company")
Interim Results for the six months ended 30 June 2024
Vox Valor (LSE: VOX), is pleased to announce its unaudited interim financial statements for the six months ended 30 June 2024.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
For additional information please contact:
Konstantin Khomyakov
Tel: +1 (345) 949-4544
Email: ir@voxvalor.com
Novum Securities Limited
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
About Vox Valor Capital Limited
Vox Valor Capital Limited is the holding company for Vox Capital Limited and its subsidiary companies (together the "Vox Group"). The Vox Group has a focus on making acquisitions of majority stakes in the marketing technology, digital content, mobile games/apps and digital marketing sector. Digital marketing technology and services and digital content/mobile games are large and fast-growing industries. The Vox Group's management team has a successful track record of operating, financing, and exiting businesses in this sector and has a network in this sector which generates a steady flow of leads and introductions to potential acquisition candidates. The Vox Group will target the acquisition of privately held businesses that can benefit from the access to liquidity and international scaling expertise that the Vox Group and its management team can provide.
Interim Management Report
Vox Valor Capital Limited ("Vox Valor" or the "Company") is pleased to announce that its interim financial statements for the period ended 30 June 2024 have been published and are available on its website at www.voxvalor.com/investors.
We are very pleased to report a strong increase in revenues and the Group achieving a modest operating profit. For the remainder of the current financial year, we are looking forward to growing Vox Valor both organically and through potential acquisitions.
About the Company
The principal activity of the Vox Valor Group is mobile app marketing. The Group focuses on mobile game or app (content) businesses' performance and has been providing services for the promotion of mobile apps and games for several years.
Summary of Trading Results
The main management focus in the reporting period was on improving the financial performance of the Group.
For the financial period ended 30 June 2024, Vox Valor reported revenues of USD 5.63 million (2023: USD 1.8 million).
Revenue achieved by Mobio Singapore was USD 3.3 million (2023: 31k), with revenue achieved by Mobio Global UK of USD 2.14 million (2023: USD 1.77 million)
Operating expenses were USD 5.5 million for the 6 months period ended 30 June 2024 (2023: USD 1.79).
Gross margin for the first half of 2024 was USD 759k (13%) compared to 639k (36%) in 2023.
Vox Valor reports an operating profit of USD 126k (2023: USD 13k).
Total comprehensive result for the six months ended 30 June 2024 was a loss of USD 327k (2023: profit of USD 179k). This has been in large part due to increased interest costs.
Corporate Update
Mobio is making steady progress in gaining new clients for Mobio Global Limited (UK), Mobio Singapore Pte Ltd (Singapore) and Mobio Inc (US) and these efforts will continue through the remainder of the current financial year.
The Company is continuing its search for suitable complimentary mobile game or app (content) businesses as well as complimentary advertising tech and marketing tech businesses, in order to execute on its stated strategy of creating a synergistic mobile content and ad tech / marketing powerhouse. Further announcements on potential M&A transactions will be made as and when term sheets or legal binding agreements have been entered into.
Outlook
Looking forward to the current global situation, the continuing elevated interest rates and inflation rates tend to have an adverse impact on the price of services provided.
The Board remains cautiously optimistic and continues to evaluate opportunities for generating value for shareholders.
Going Concern
The day to day working capital requirements and investment objectives are met by existing cash resources. At 30 June 2024 the Group had cash balances of USD 70k (144K USD as of 31 December 2023). The Group's forecasts and projections, taking into account reasonably possible changes in the level of overhead costs, show that the company should be able to operate within its available cash resources. The Directors have, at the time of approving the interim financial statements, a reasonable expectation that the Group has adequate resources to continue in existence for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Interim Financial Information
The half-yearly financial report has not been audited or reviewed by auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information.
Listing Category
On 29 July 2024, the Listing Rules were replaced by the UK Listing Rules ("UKLR") under which the existing Standard Listing category was replaced by the Equity Shares (transition) category under Chapter 22 of the UKLR. Consequently, with effect from that date the Company is admitted to Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR and to trading on the London Stock Exchange's Main Market for listed securities.
Post-Period Events
There are no significant events occurred after reporting date.
Principal Risks and Uncertainties
Taking considered risk is the essence of all business and investment activity, in relation to risk the Company's main objective is to minimise the chance of a material adverse outcome arising from causes which could reasonably have been foreseen, this includes both 'upside' (opportunity) and 'downside' (threat) risks.
The principal risks and uncertainties for the remaining six months of the year remain unchanged from those detailed in the Company's annual report for the year ended 31 December 2023.
Unaudited condensed consolidated statement of profit or loss and other comprehensive income
for the six month period ended 30 June 2024
| Notes |
| 30 June 2024 |
| 30 June 2023 |
Operating income and expenses | | | | | |
Sales revenue | 1 | | 5,629,616 | | 1,802,566 |
Total income | | | 5,629,616 |
| 1,802,566 |
| | | | | |
Operating expenses | 2 | | (4,870,467) | | (1,164,003) |
Administrative expenses | 4 | | (360,389) | | (418,805) |
Professional services | | | (75,517) | | (27,616) |
Audit and accountancy fees | | | (50,602) | | (5,953) |
Contractors' fees | | | (44,101) | | (123,898) |
Legal and consulting fees | | | (68,583) | | (20,003) |
London Stock Exchange fee | | | (13,473) | | (10,667) |
Depreciation of tangible/intangible assets | | | (10,410) | | (8,714) |
Right-of-use assets expense | | | (10,122) | | (9,871) |
Total operating costs | | | (5,503,664) | | (1,789,530) |
| | | | | |
OPERATING PROFIT / (LOSS) | |
| 125,952 |
| 13,036 |
| | | | | |
Non-operational income and expenses | | | | | |
Non-operating income | 6 | | - | | 6,215 |
Non-operating expenses | 6 |
| (1,018) | | (6,460) |
NET NON-OPERATING RESULT | |
| (1,018) | | (245) |
| | | | | |
Financial income and expenses | | | | | |
Interest income / (expenses) | 7 | | (322,360) | | (251,292) |
Financial income / (expenses) | 5 | | (16,146) | | 113,684 |
NET FINANCIAL RESULT | |
| (338,506) |
| (137,608) |
| | | | | |
PROFIT / (LOSS) BEFORE TAX | |
| (213,572) |
| (124,817) |
| | | | | |
Profit tax | | | - | | (19,998) |
Deferred taxes | 8 | | (59,653) | | (20,532) |
PROFIT / (LOSS) FOR THE PERIOD | |
| (273,225) |
| (165,347) |
| | | | | |
OTHER COMPREHENSIVE INCOME | | | | | |
Transactions with owners (business restructuring) | 9 | | - | | 3,881 |
Translation difference | | | (53,806) | | 340,110 |
OTHER COMPREHENSIVE INCOME | |
| (53,806) |
| 343,991 |
| |
|
|
|
|
TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE PERIOD | |
| (327,031) |
| 178,644 |
| |
|
|
|
|
Basic and diluted loss per share | 10 |
| (0,01) |
| (0,01) |
Unaudited condensed consolidated statement of financial position as at 30 June 2024
|
| Notes |
| 30 June 2024 |
| 31 December 2023 |
ASSETS |
| | | | | |
Non-current assets |
| | | | | |
Investments | | 11 | | 10 578 188 | | 10,641,147 |
Deferred tax assets | | 8.1 | | 386 650 | | 448,155 |
Right-of-use assets | | 14 | | 38 795 | | 49,232 |
Intangible assets | | 13 | | 5 910 | | 9,114 |
Tangible fixed assets | | 12 | | 885 | | 1,784 |
Total non-current assets |
|
|
| 11 010 428 |
| 11,149,432 |
| | | | | | |
Current assets |
| | | | | |
Trade and other receivables | | 15 | | 2 392 126 | | 1,296,517 |
Cash at bank | | 16 | | 70 620 | | 144,182 |
Total current assets |
|
|
| 2 462 746 |
| 1,440,699 |
TOTAL ASSETS |
|
|
| 13 473 174 |
| 12,590,131 |
| | | | | | |
EQUITY AND LIABILITIES |
| | | | | |
| | | | | | |
EQUITY |
| | | | | |
Share Capital | | | | 194,426 | | 194,426 |
Share premium | | | | 13,424,392 | | 13,424,392 |
Share based payments | | | | 1,926,720 | | 1,926,720 |
Revaluation reserve | | | | 854,196 | | 854,196 |
Retained earnings | | | | (7,401,406) | | (7,128,181) |
Translation difference | | | | (274,249) | | (220,443) |
TOTAL EQUITY |
|
|
| 8,724,079 |
| 9,051,110 |
| | | | | | |
LIABILITIES |
| | | | | |
Non-current liabilities |
| | | | | |
Loans (long term) | | 18 | | 2,807,927 | | 2,567,010 |
Other long-term liabilities | | 19 | | 20,835 | | 32,619 |
Total non-current liabilities |
|
|
| 2,828,762 |
| 2,599,629 |
| | | | | | |
Current liabilities |
| | | | | |
Trade and other payables | | 17 | | 1,655,962 | | 618,358 |
Loans (short term) | | 18 | | 50,290 | | 94,950 |
Accrued expenses | | | | 16,165 | | 20,448 |
Current tax liabilities | | | | 18,062 | | 18,062 |
Other short-term liabilities | | 20 | | 179,854 | | 187,574 |
Total current liabilities |
|
|
| 1,920,333 |
| 939,392 |
| | | | | | |
TOTAL LIABILITIES |
|
|
| 4,749,095 |
| 3,539,021 |
TOTAL EQUITY AND LIABILITIES |
|
|
| 13,473,174 |
| 12,590,131 |
Unaudited condensed consolidated statement of changes in equity for the period ended 30 June 2024
| Notes | Share Capital | Share premium | Share based payments | Revaluation reserve | Retained earnings | Translation difference | Total equity |
Balance at 1 January 2024 |
| 194,426 | 13,424,392 | 1,926,720 | 854,196 | (7,128,181) | (220,443) | 9,051,110 |
Transactions with owners |
| - | - | - | - | - | - | - |
Results from activities |
| - | - | - | - | (273,225) | - | (273,225) |
Other comprehensive income |
| - | - | - | - | - | (53,806) | (53,806) |
Balance at 30 June 2024 |
| 194,426 | 13,660,572 | 1,926,720 | 854,196 | (7,401,406) | (274,249) | 8,724,079 |
| Notes | Share Capital | Share premium | Share based payments | Revaluation reserve | Retained earnings | Translation difference | Total equity |
Balance at 1 January 2023 |
| 194,426 | 13,660,572 | 1,926,720 | 854,196 | (6,944,622) | (873,353) | 8,817,939 |
Transactions with owners |
| - | (236,180) | - | - | - | - | (236,180) |
Results from activities |
| - | - | - | - | (187,455) | - | (187,455) |
Other comprehensive income |
| - | - | - | - | 3,896 | 652,910 | 656,806 |
Balance at 31 December 2023 |
| 194,426 | 13,424,392 | 1,926,720 | 854,196 | (7,128,181) | (220,443) | 9,051,110 |
Unaudited condensed consolidated statement of cash flows for the period ended 30 June 2024
| Notes | | 30 June 2024 |
| 31 December 2023 |
OPERATING ACTIVITIES |
| | | | |
Profit / (loss) before taxation | | | (213,572) | | (569,585) |
Adjustments for |
| | | | |
Depreciation of tangible/intangible fixed assets | | | 10,410 | | 17,143 |
Depreciation of right-of-use assets | | | 10,122 | | 19,906 |
Interest not paid (received) | | | 219,719 | | 124,048 |
Trade and other receivables | | | (1,095,609) | | 1,633,578 |
Trade and other payables | | | 1,037,604 | | (2,286,733) |
Other assets | | | - | | 3,516 |
Other liabilities | | | (12,334) | | 18,282 |
Accrued expenses | | | (4,283) | | (13,787) |
Cash generated from operations |
| | (47,943) |
| (1,053,632) |
| | | | | |
Taxes reclaimed (paid) | | | - | | - |
Total cash flow from operating activities |
| | (47,943) |
| (1,053,632) |
| | | | | |
INVESTMENT ACTIVITIES |
| | | | |
Purchase /disposal of other intangible assets | | | (6,377) | | (17,072) |
Total cash flow from investment activities |
| | (6,377) |
| (17,072) |
| | | | | |
FINANCING ACTIVITIES |
| | | | |
Loans given / received | | | - | | 495,000 |
Financial obligations (right-of-use) | | | (6,459) | | (20,229) |
Interest paid (right-of-use) | | | (711) | | (1,877) |
Total cash flow from financing activities |
| | (7,170) |
| 472,894 |
| | | | | |
NET CASH FLOW |
|
| (61,490) |
| (597,810) |
| | | | | |
Exchange differences and translation differences on funds | | | (12,072) | | (169,694) |
MOVEMENTS IN CASH FUND |
| | (73,562) |
| (767,504) |
| | | | | |
Balance as of beginning of the period | | | 144,182 |
| 911,686 |
Movement for the period | | | (73,562) | | (767,504) |
Balance as of the end | | | 70,620 |
| 144,182 |
Notes to the unaudited condensed consolidated financial statements, comprising significant accounting policies and other explanatory information for the six month period ended 30 June
GENERAL INFORMATION
Vox Valor Capital LTD (the "Company")
Vox Valor Capital LTD (former Vertu Capital Limited) was incorporated in the Cayman Islands on 12 September 2014 as an exempted company with limited liability under the Companies Law. The Company's registered office is Forbes Hare Trust Company Limited, Cassia Court, Camana Bay, Suite 716, 10 Market Street, Grand Cayman KY1-9006, Cayman Islands, registration number 291725.
The Group comprises from the parent company Vox Valor Capital LTD and the following subsidiaries:
· Mobio (Singapore) Pte Ltd Singapore 100% ownership by Vox Valor Capital LTD
· Vox Capital Ltd United Kingdom 100% ownership by Vox Valor Capital LTD
· Vox Valor Capital Pte Limited Singapore 100% ownership by Vox Capital Ltd
· Initium HK Limited Hong Kong 100% ownership by Vox Capital Ltd
· Mobio Global Limited United Kingdom 100% ownership by Vox Capital Ltd
· Mobio Global Inc . USA 100% ownership by Mobio Global Limited
The principal activity of the Group is digital marketing and advertising. The Group focuses on App, Mobile, Performance and has been providing services for the promotion of mobile apps and games.
The Company is controlled by Vox Valor Holding LTD (UK).
Final beneficiaries of the Group are: Pieter van der Pijl, Stefans Keiss, and Sergey Konovalov.
Management (Directors)
· John G Booth (Chairman and Non-Executive Director)
· Rumit Shah (Non-Executive Director)
· Konstantin Khomyakov (Finance Director)
Going concern
At the time of approving the financial statements, the Management has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, the Management continues to adopt the going concern basis of accounting in preparing the financial statements.
ACCOUNTING POLICIES
The Consolidated Interim Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards ("IFRS") and interpretations issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Standards Interpretations Committee ("IFRIC").
The presentational currency of the Group is US dollars (USD).
The notes are an integral part of the financial statements.
Reporting period
These financial statements represent the financial reporting period of the Group for the 6-month period ended 30 June 2024.
General
An asset is disclosed in the statement of financial position when it is probable that the expected future economic benefits attributable to the asset will flow to the entity and the cost of the asset can be reliably measured. A liability is disclosed in the statement of financial position when it is expected to result in an outflow from the entity of resources embodying economic benefits and the amount of the obligations can be measured with sufficient reliability.
If a transaction results in transfer of future economic benefits and/or when all risks associated with assets or liabilities have been transferred to a third party, the asset or liability is no longer included in the statement of financial position. Assets and liabilities are not included in the statement of financial position if economic benefits are not probable or cannot be measured with sufficient reliability.
The income and expenses are accounted for during the period to which they relate. Revenue is recognized when control over service is transferred to a customer.
The Management is required to form an opinion and make estimates and assumptions for assets, liabilities, income, and expenses. The actual result may differ from these estimates. The estimates and the underlying assumptions are constantly assessed. Revisions are recognised during a corresponding revision period as well as any future periods affected by the revision. The nature of these estimates and judgements, including related assumptions, is disclosed in the notes to corresponding items in the financial statement.
Basis of consolidation
The Consolidated Financial Statements incorporate the financial information of Vox Capital Ltd and all its subsidiary undertakings. Subsidiary undertakings include entities over which the Group has effective control. The Company controls a group when it is exposed to, or has right to, variable returns from its involvement with the Group and has the ability to affect those returns through its power over the Group. In assessing control, the Group takes into consideration potential voting rights.
· The Company acquired Vox Valor Capital LTD on 30 September (holding company)
· The Company acquired Vox Valor Capital Singapore Pte Limited on 8 October 2020 (holding company)
· The Company acquired Initium HK Limited on 14 December 2020 (holding company)
· The Company acquired Mobio (Singapore) Pte Ltd on 14 October 2020.
· The Company acquired Mobio Global Inc. on 27 April 2022
Principles for foreign currency translation
The financial statements of the Group are presented in US dollars, which is the Group's presentation currency.
Receivables, liabilities, and obligations denominated in any currency other than USD are translated at the exchange rates prevailing as of the reporting date.
Transactions in any currency other than USD during the financial year are recognized in the financial statements at the average annual exchange rate. The exchange differences resulting from the translation as of the reporting date, taking into account possible hedging transactions, are recorded in the consolidated statement of profit or loss and other comprehensive income.
The nominal value of the share capital and other share components of the subsidiaries are denominated in Singapore dollars (SGD) and in the pounds of sterling (GBP) and translated into USD using historical exchange rate; the exchange differences resulting from this translation are recorded in the Exchange differences on translating foreign operations in the statement of financial position.
Cross-rates GBP/USD, USD/SGD and average rate GBP/USD are taken from https://www.exchangerates.org.uk/ and closing rate GBP/USD is taken from the site Currency Exchange Rates - International Money Transfer | Xe.com.
GBP/USD |
| 30.06.2024 |
| 31.12.2023 |
Closing rate | | 1.2649 | | 1.2681 |
Average rate | | 1.2651 | | 1.2337 |
Revenue
The Group's revenue comprises primary income from the provision of mobile marketing services in 2024 and 2023. Revenue is recognized when the related services are delivered based on the specific terms of the contract. The Group uses a number of different information technology ("IT") systems to track certain actions as specified in customer contracts. The calculation of charges for mobile marketing services is carried out automatically by the technology platform based on pre-defined key parameters, including unit price and volume. These IT systems are complex and process large volumes of data.
Records of mobile marketing services charges are generated in an aggregated amount for each category and are manually entered into the accounting system on a monthly basis.
Revenue recognition
Revenue is measured based on specific contract terms and excludes amounts collected on behalf of any third parties. Revenue is recognized when control over service is transferred to a customer.
The following is a description of principal activities from which the Group generates its revenue.
Cost of sales (operating expenses)
Cost of sales represents the direct expenses that are attributable to the services delivered. They consist primarily of payments to platforms and publishers under the terms of the revenue agreements. The cost of sales can include commissions where applicable.
Financial instruments
The Group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability, or an equity instrument in accordance with the terms of the contractual arrangement. Financial instruments are recognised on trade date when the Group becomes a party to the contractual provisions of the instrument. Financial instruments are recognised initially at fair value plus, in the case of a financial instrument not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. Financial instruments are derecognised on the trade date when the Group is no longer a party to the contractual provisions of the instrument.
Trade and other receivables and trade and other payables
Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any expected credit losses in the case of trade receivables. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Other financial commitments
Financial commitments that are not held for trading purpose are carried at amortised cost using the effective interest rate method.
Other purchased intangibles assessment
The Group annually reviews the recoverability of all long-term assets, whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. The Group determines whether there has been an impairment by comparing the anticipated undiscounted future net cash flows to the related asset's carrying value. If an asset is considered impaired, the asset is written down to fair value which is either determined based on discounted cash flows or appraised values, depending on the nature of the asset.
Intangible fixed assets
Concessions, Intellectual Property and Licenses are stated at cost less accumulated amortisation.
Amortisation is recognized in the income statements on a straight-line over the estimated useful life as follows:
· Trademarks - 10 years.
· Licenses - validity period.
· Programs - 5 years.
Tangible fixed assets
Tangible fixed assets are stated at their historical cost less accumulated depreciation. Depreciation is recognized in the income statement in a straight-line basis over the estimated useful lives of each item of tangible fixed assets. The minimum cost to recognize an objects as a fixed asset is 3,000 USD. The annual depreciation rates applied are:
· Technical and office equipment, computers - 3 years.
Leases
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
· Leases of low value assets; and
· Leases with a duration of twelve months or less.
Lease liabilities are measured at the present value of contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group's incremental borrowing rate placed at the official site of the Bank of England.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and low-value assets, including IT equipment. The Group would recognise the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Receivables
Upon initial recognition the receivables are included at fair value and then valued at amortised cost. The fair value and amortised cost equal the face value. Any provision for doubtful accounts deemed necessary is deducted. These provisions are determined by individual assessment of the receivables. All receivables are due within one year.
Cash
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose only on the cash flow statement.
The cash flow statement from operating activities is reported using the indirect method.
Provisions
These are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost.
Deferred taxes
A deferred tax liability / asset is recognized for any differences in commercial and fiscal valuation of the Group's assets and liabilities.
Taxation
Current tax is the tax currently payable based on the taxable profit for the year.
The Group recognises current tax assets and liabilities of entities in different jurisdictions separately as there is no legal right of offset. Deferred tax is provided in full on temporary differences between the carrying amounts of assets and liabilities and their tax bases, except when, at the initial recognition of the asset or liability, there is no effect on accounting or taxable profit or loss under a business combination. Deferred tax is determined using tax rates and laws that have been substantially enacted by the statement of financial position date, and that are expected to apply when the temporary difference reverses.
Tax losses available to be carried forward, and other tax credits to the Group, are recognised as deferred tax assets, to the extent that it is probable that there will be future taxable profits against which the temporary differences can be utilised. Changes in deferred tax assets or liabilities are recognised as a component of the tax expense in the statement of comprehensive income, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity.
Financial income and expenses
Financing income includes forex exchange and financial expenses include bank fee.
ACCOUNTS BREAKDOWN AND NOTES
1. Revenue
Revenue arises from:
Country |
| H1 2024 |
| H1 2023 |
|
Singapore | | 3,298,212 | | 30,757 |
|
UK | | 2,140,900 | | 1,767,609 |
|
USA | | 190,504 | | 4,200 |
|
Total |
| 5,629,616 |
| 1,802,566 | |
Revenue is segmented by the country where it was received.
2. Operating expenses
Country |
| H1 2024 |
| H1 2023 |
Singapore | | 3,042,637 | | 48,823 |
UK | | 1,741,375 | | 1,095,037 |
USA | | 86,455 | | 20,143 |
Total |
| 4,870,467 |
| 1,164,003 |
Expenses |
| H1 2024 |
| H1 2023 |
Contractor Fees | | 146,371 | | 388,623 |
Platforms and publishers' fees | | 4,724,096 | | 775,380 |
Total |
| 4,870,467 |
| 1,164,003 |
Operating expenses include the cost of the services of third parties for the placement of advertising and information materials of the Group's clients and the salaries expenses and social contributions of employees.
3. Operating segments
The operating segments identifies based on internal reporting for decision-making. The Group is operated as one business with key decisions irrespective of the geography where work for clients is carried out. The Management (chief operating decision maker) considers that the Group has one operating segment. Therefore, no additional disclosure has been represented.
Geographical disclosures are presented in the notes 1,2.
4. Administrative expenses
| H1 2024 |
| H1 2023 |
Wages & Salaries - (top management) | 141,604 |
| 214,504 |
Wages & Salaries | 9,733 |
| 32,188 |
Social taxes - (top management) | 43,250 |
| 21,421 |
Social taxes | 2,482 |
| 3,116 |
Audit and Accountancy fees | 93,176 |
| 64,376 |
Business travel expenses | 24,619 |
| 11,689 |
IT services and license fees | 15,092 |
| 17,393 |
Voluntary medical insurance of employees | 14,912 |
| 13,863 |
Advertising & Marketing | 4,713 |
| 18,177 |
Employers National Insurance | 4,086 | | 12,679 |
Other administrative expenses | 6,722 | | 9,399 |
Total | 360,389 |
| 418,805 |
Staff details (administrative and operating)
Number of staff |
| H1 2024 |
| H1 2023 |
UK | | 2 | | 2 |
including Director |
| 2 |
| 2 |
Singapore |
| - |
| - |
USA |
| 4 |
| 4 |
including Director | | 1 | | 1 |
Total |
| 6 |
| 6 |
Staff cost (operating and administrative) |
| H1 2024 |
| H1 2023 |
Wages & Salaries - (top management) | | 141,604 | | 214,504 |
Wages & Salaries | | 9,733 | | 32,188 |
Social taxes - (top management) | | 43,250 | | 21,421 |
Social taxes | | 2,482 | | 3,116 |
Total |
| 197,069 |
| 271,229 |
Remuneration paid to key management personnel:
| | | Director's fees |
|
|
| Holding company | | Subsidiary companies |
| Total |
Directors remuneration H1 2024 | 41,115 | | 100,489 |
| 141,604 |
Directors remuneration H1 2023 | 95,612 | | 118,892 |
| 214,504 |
5. Finance income and financial expenses
| H1 2024 |
| H1 2023 |
Finance income |
|
|
|
FX differences | - | | 117 052 |
Total | - |
| 117 052 |
|
|
|
|
Finance expenses |
|
|
|
FX differences | 13,925 | | - |
Bank fee | 2,221 | | 3,368 |
Total | 16,146 |
| 3,368 |
6. Non-operating income and expenses
| H1 2024 |
| H1 2023 |
Non-operating income |
|
|
|
Other non-operating income | - | | 6,215 |
Total | - |
| 6,215 |
|
|
|
|
Non-operating expenses |
|
|
|
Other non-operating expenses | 1,018 | | 6,460 |
Total | 1,018 |
| 6,460 |
7. Interest income and expenses
Interest expenses | H1 2024 |
| H1 2023 |
TDFD loan interest | 308,704 | | 234,412 |
AdTech loan | 11,445 | | 14,373 |
Mobile Marketing LLC | 1,500 | | 1,504 |
Rent interest | 711 | | 1,003 |
Total | 322,360 | | 251,292 |
8. Taxation
| H1 2024 |
| H1 2023 |
Profit tax |
|
|
|
UK corporation tax (19%) | - | | 15,504 |
Singapore corporation tax (17%) | - | | 4,494 |
USA corporation tax (21%) | - | | - |
Total current tax | - |
| 19,998 |
|
|
|
|
Deferred tax UK | 34,388 | | 81,505 |
Deferred tax USA | (19,840) | | (60,105) |
Deferred tax Singapore | 45,105 | | (868) |
Deferred tax in Profit and Loss report | 59,653 |
| 20,532 |
| | | |
Taxation on profit on ordinary activities | 59,653 | | 40,530 |
| | | |
Deferred tax in Statement of financial position - opening balance | 448,155 | | 58,162 |
Deferred tax in Statement of Profit and Loss during reporting period | (59,653) | | 382,369 |
Translation difference | (1,852) | | 7,624 |
Deferred tax in Statement of financial position - closing balance | 386,650 | | 448,155 |
Net deferred tax assets recognized as of 30 June 2024 was not impaired.
8.1. Deferred taxes
Deferred taxes movement 2024 H1
| As of 1 January 2024 |
| Movements during reporting period |
| As of 30 June 2024 | |
| Deferred tax BS |
| Charge to profit or loss | Translation difference |
| Deferred tax BS |
Right-of-use assets | 836 | | (216) | (5) | | 615 |
Property, plant and equipment | 339 | | 168 | (2) | | 505 |
Intangible assets | (1,731) | | 598 | 9 | | (1,124) |
Trade receivables (payables) | (31,638) | | (75,052) | 206 | | (106,484) |
Losses of previous years | 480,349 | | 14,849 | (2,060) | | 493,138 |
Total | 448,155 |
| (59,653) | (1,852) |
| 386,650 |
Deferred taxes movement 2023 (Year)
|
| As of 1 January |
| Movements |
| As of 31 December | |
Item |
| Deferred BS |
| Charge to profit or loss | Translation difference |
| Deferred BS |
Right-of-use assets | | 940 | | (149) | 45 | | 836 |
Property and equipment | | - | | 331 | 8 | | 339 |
Intangible assets | | (1 338) | | (317) | (76) | | (1,731) |
Trade receivables (payables) | | (28,136) | | (1,948) | (1,554) | | (31,638) |
Provisions | | 1,139 | | (1,139) | - | | - |
Losses of previous years | | 85,557 | | 385,591 | 9,201 | | 480,349 |
Total |
| 58,162 |
| 382,369 | 7,624 |
| 448,155 |
9. Transactions with owners (business restructuring)
On 23 February 2023, Vertu Capital Holding Ltd. (UK) was liquidated by Vox Valor Capital Limited. The financial effect recognized in the financial statements amounted to a USD 3,881 expense / cost.
10. Earnings per share
Basic (losses)/earnings per share is calculated by dividing the profit/(loss) attributable to equity shareholders by the weighted average number of shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 31 December 2022 the Group has outstanding Warrants issued to the NED Directors (Non-executive directors) and Stonedale Management and Investments Limited Ltd (Stonedale), which when exercised will convert into Ordinary Shares. Total number of Warrants in issue is 45,833,333.
| | 30 June 2024 |
| 31 December 2023 |
Loss for the period after tax for the purposes of basic and diluted earnings per share | | (273,225) | | (165,347) |
Number of ordinary shares | | 2,368,395,171 | | 2,368,395,171 |
Weighted average number of ordinary shares in issue for the purposes of basic earnings per share | | 2,368,395,171 | | 2,368,395,171 |
Loss per share (cent) | | (0,01) | | (0,01) |
During a period where the Group or Company makes a loss, accounting standards require that 'dilutive' shares for the Group be excluded in the earnings per share calculation, because they will reduce the reported loss per share; consequently, all per-share measures in the current period are based on the weighted number of ordinary shares in issue.
11. Investments in subsidiaries
Investments in subsidiaries
Subsidiary undertakings | Country of incorporation |
|
|
|
| | 30 June 2024 |
| 31 December 2023 |
Vox Capital Ltd | United Kingdom | 100% | | 100% |
Vox Valor Capital Pte Ltd | Singapore | 100% | | 100% |
Initium HK Ltd | Hong Kong | 100% | | 100% |
Mobio Global Ltd | United Kingdom | 100% | | 100% |
Mobio (Singapore) Pte Ltd | Singapore | 100% | | 100% |
Vox Valor Capital Pte. Limited and Initium HK Limited are companies holding investments in stock.
Mobio Global Limited was created as an acquisition purposes vehicle. On April 27, 2022, the Company purchased the shares in Mobio Global Inc. (USA), the total purchase price is 30 000 USD. On October 18, 2023, the Company sold the shares in Mobio (Singapore) Pte Ltd to Vox Valor Capital Ltd, the total purchase price was 1 000 USD.
Mobio Global:
Subsidiary undertakings | Country of incorporation | 30 June 2024 |
| 31 December 2023 |
Mobio Global Inc. | USA | 100% | | 100% |
The registered office of Mobio Global Ltd is 71-75 Shelton Street London WC2H 9JQ.
The registered office of Mobio Global Inc. is 850 New Burton Road, Suite 201, Dover, DE 19904. USA
Investments at fair value
Investments at fair value |
| 30 June 2024 |
| 31 December 2023 |
Airnow PLC shares | | 10,578,188 | | 10,641,147 |
Total |
| 10,578,188 |
| 10,641,147 |
Airnow PLC is incorporated in the United Kingdom. Its registered office is Salisbury House, London Wall, London, EC2M 5PS. The principal activity of Airnow PLC is the development of services to the mobile app community. The number of shares held in Airnow PLC is 5,736,847 and represents a 6.37% holding. The shares in Airnow PLC are directly held by Vox Valor Capital Singapore Pte Limited. There is no amount still to be paid in respect of these shares. No amount is owed either to or from Airnow PLC by the Vox Group.
12. Tangible fixed assets
Cost |
| H1 2024 |
| Y 2023 |
As of period beginning |
| 3,567 |
| 3,391 |
Additions | | - | | - |
Translation difference | | (23) | | 176 |
As of period end |
| 3,544 |
| 3,567 |
Depreciation |
|
| | |
As of period beginning |
| (1,783) |
| - |
Depreciation charge | | (887) | | (1,743) |
Translation difference | | 12 | | (40) |
As of period end |
| (2,658) |
| (1,783) |
Net book value |
|
| | |
As of period beginning | | 1,784 | | 3,391 |
As of period end | | 885 | | 1,784 |
Tangible fixed assets are amortized over 3 years. Depreciation expenses are included in profit and loss under the «Depreciation of tangible / intangible assets».
13. Intangible assets
Cost |
| H1 2024 |
| Y 2023 |
As of period beginning |
| 17,472 |
| 14,944 |
Additions | | 6,377 | | 17,071 |
Disposals | | (6,863) | | (15,362) |
Translation difference | | (112) | | 819 |
As of 30 June // 31 December |
| 16,874 |
| 17,472 |
Depreciation | | | | |
As of 1 January |
| (8,358) |
| (7,906) |
Depreciation charge | | (9,523) | | (15,400) |
Disposals | | 6,863 | | 15,362 |
Translation difference | | 54 | | (414) |
As of period end |
| (10,964) |
| (8,358) |
Net book value | | | | |
As of period beginning | | 9,114 | | 7,038 |
As of period end | | 5,910 | | 9,114 |
Amortization is recognized in the income statements using the straight-line method over the estimated useful life:
· Licenses - validity period.
14. Right-of-use assets
Cost | H1 2024 |
| Y 2023 |
As of period beginning | 81,487 |
| 77,451 |
Translation difference | (524) | | 4,036 |
As of period end | 80,963 |
| 81,487 |
Depreciation | | | |
As of period beginning | (32,255) |
| (11,295) |
Depreciation charge | (10,122) | | (19,906) |
Translation difference | 209 | | (1,054) |
As of period end | (42,168) |
| (32,255) |
Net book value | | | |
As of period beginning | 49,232 | | 66,156 |
As of period end | 38,795 | | 49,232 |
Lease liabilities in respect of right-of-use assets:
Leased server | | As of 30 June 2024 | | As of 31 December 2023 |
Long-term |
| 20,835 |
| 32,619 |
Short-term |
| 21,192 |
| 21,011 |
Total |
| 42,027 |
| 53,630 |
Interest expense recognized:
Leased server | | H1 2024 | | H1 2023 |
Interest |
| 711 |
| 1 003 |
The discount rate 2022 used in determining the present value of the lease liability was determined based on the borrowing rates placed at Bank of England official site (https://www.bankofengland.co.uk/statistics/effective-interest-rates) and consisted as follows:
- Server lease right: 3.11%.
15. Trade and other receivables
| 30 June 2024 |
| 31 December 2023 |
Trade receivables | 2,173,086 | | 1,126,412 |
Prepayments | 219,040 | | 170,105 |
Total | 2,392,126 |
| 1,296,517 |
All of the trade receivables were non-interest bearing and receivable under normal commercial terms. The Directors consider that the carrying value of trade and other receivables approximates to their fair value. The ageing of trade receivables is detailed below:
As of 30 June 2024
| < 60 days |
| < 90 days |
| < 180 days |
| > 180 days |
| Total |
Trade receivables | 2,173,086 | | - | | - | | - | | 2,173,086 |
Total | 2,173,086 |
| - |
| - |
| - |
| 2,173,086 |
As of 31 December 2023
| < 60 days |
| < 90 days |
| < 180 days |
| > 180 days |
| Total |
Trade receivables | 1,126,412 | | - | | - | | - |
| 1,126,412 |
Total | 1,126,412 |
| - |
| - |
| - |
| 1,126,412 |
16. Cash and cash equivalents
| 30 June 2024 |
| 31 December 2023 |
Cash at bank and in hand | 70,620 | | 144,182 |
Total | 70,620 |
| 144,182 |
17. Trade and other payables
| 30 June 2024 |
| 31 December 2023 |
Trade payables | 1,638,827 | | 612,171 |
Other payables and accruals | 17,135 | | 6,187 |
Total | 1,655,962 |
| 618,358 |
The fair value of trade and other payables approximates to book value at each year end. Trade payables are non-interest bearing and are normally settled monthly.
18. Loans and borrowings
Long-term |
|
|
| 30 June 2024 |
| 31 December 2023 |
Triple Dragon Funding Delta Ltd | | Principal | | 2,368,435 | | 2 120 000 |
AdTech Solutions Limited | | Principal | | 302,652 | | 323 043 |
AdTech Solutions Limited | | Interest | | 86,315 | | 74 882 |
Mobile Marketing LLC | | Principal | | 40,000 | | 40 000 |
Mobile Marketing LLC | | Interest | | 10,525 | | 9 085 |
Total |
|
|
| 2,807,927 |
| 2 567 010 |
Short-term |
|
|
| 30 June 2024 |
| 31 December 2023 |
Triple Dragon Funding Delta Ltd | | Interest | | 50,290 | | 94 950 |
Total |
|
|
| 50,290 |
| 94 950 |
During the period ended 30 June 2024, the Group used a lending facility from Triple Dragon Funding Delta Limited (TDFD). The TDFD facility is secured by a floating charge that covers the property and undertakings of Vox Capital Ltd and Mobio Global Ltd. Interest is charged on the loan at a rate of 2.25% per calendar month.
On July 27, 2022 the loan agreement between Mobio Global LTD (borrower) and Mobile Marketing LLC (lender) dated 06.10.2020 was assigned to Adtech Solutions Limited. Final repayment date is 15 March 2025. Interest is charged on the loan at a rate of 7.5% per year
19. Other long-term and lease liabilities
Lease liabilities
Lease liabilities |
| 30 June 2024 |
| 31 December 2023 |
Non-current liabilities | | 20,835 |
| 32,619 |
Current liabilities | | 21,192 | | 21,011 |
Total |
| 42,027 |
| 53,630 |
As at the period ended 30 June 2024 the Group leases a server for the purpose of storing files and documents. The Group does not lease any premises in London, Singapore and USA.
20. Other short-term liabilities
| 30 June 2024 |
| 31 December 2023 |
VAT payable (tax agent) | 153,501 | | 154,494 |
Current lease liabilities | 21,192 | | 21,011 |
Salary liabilities | 5,161 | | 12,069 |
Total | 179,854 |
| 187,574 |
21. Financial instruments
The Group's financial instruments may be analysed as follows:
Financial assets | 30 June 2024 |
| 31 December 2023 |
Financial assets measured at amortised cost: | | | |
Cash at bank and in hand | 70,620 | | 144,182 |
Trade receivables | 2,173,086 | | 1,126,412 |
Other receivables | 219,040 | | 170,105 |
Total | 2,462,746 |
| 1,440,699 |
Financial liabilities | 30 June 2024 | | 31 December 2023 |
Financial liabilities measured at amortised cost: | | | |
Trade payables | 1,638,827 | | 612,171 |
Lease liabilities | 42,027 | | 53,630 |
Total | 1,680,854 |
| 665,801 |
The Group's income, expense, gains and losses in respect of financial assets measured at fair value through profit or loss realised fair value gains of nil (2023: nil).
22. Financial risk management
The Group is exposed to a variety of financial risks through its use of financial instruments which result from its operating activities. All the Group's financial instruments are classified trade and other receivables. The Group does not actively engage in the trading of financial assets for speculative purposes. The most significant financial risks to which the Group is exposed are described below:
Credit risk
Generally, the Group's maximum exposure to credit risk is limited to the carrying amount of the financial assets recognised at the reporting date, as summarised below:
| 30 June 2024 |
| 31 December 2023 |
Trade receivables | 2,173,086 | | 1,126,412 |
Prepayments | 219,040 | | 170,105 |
Total | 2,392,126 |
| 1,296,517 |
Credit risk is the risk of financial risk to the Group if a counter party to a financial instrument fails to meet its contractual obligation. The nature of the Group's debtor balances, the time taken for payment by clients and the associated credit risk are dependent on the type of engagement.
The Group's trade and other receivables are actively monitored. The ageing profit of trade receivables is monitored regularly by Directors. Any debtors over 30 days are reviewed by Directors every month and explanations sought for any balances that have not been recovered.
Unbilled revenue is recognised by the Group only when all conditions for revenue recognition have been met in line with the Group's accounting policy.
The Directors are of the opinion that there is no material credit risk at the Group level.
Liquidity risk
Liquidity risk is the situation where the Group may encounter difficulty in meeting its obligations associated with its financial liabilities. The Group seeks to manage financial risks to ensure sufficient liquidity is available to meet any foreseeable needs and to invest cash assets safely and profitably.
The tables below break down the Group's financial liabilities into relevant maturity groups based on their contractual maturities.
The amounts disclosed in the tables below are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, because the impact of discounting is not significant.
Contractual maturities of financial liabilities as of 30 June 2024:
| Less than 6 months | | 6-12 months | | Between 1 and 2 years | | Between 2 and 5 years | | Carrying amount |
| | | | | | | | | |
Trade and other payables | 1 655 962 | | - | | - | | - | | 1 655 962 |
Corporation tax payable | 18 062 |
| - |
| - | | - | | 18 062 |
Lease liabilities | 10,295 | | 10,897 | | 20,835 | | - | | 42,027 |
Total | 1,684,319 |
| 10,897 |
| 20,835 |
| - | | 1,716,051 |
Contractual maturities of financial liabilities as of 31 December 2023:
| Less than 6 months | | 6-12 months | | Between 1 and 2 years | | Between 2 and 5 years | | Carrying amount |
Trade and other payables | 618,358 | | - | | - | | - | | 618,358 |
Corporation tax payable | 18,062 |
| - |
| - | | - | | 18,062 |
Lease liabilities | 10,428 | | 10,583 | | 32,619 | | - | | 53,630 |
Total | 646,848 |
| 10,583 |
| 32,619 |
| - | | 690,050 |
Interest rate risk
The Group is not exposed to material interest rate risk as its liabilities are either non-interest bearing or subject to fixed interest rates.
Foreign currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The Group monitors exchange rate movements closely and ensures adequate funds are maintained in appropriate currencies to meet known liabilities.
Reputational risks
The Management of the Group believes that at present there are no facts that could have a significant negative impact on the decrease in the number of its customers due to a negative perception of the quality of services provided, adherence to the terms of rendering services, as well as the participation of the Group in any price agreement. Accordingly, reputational risks are assessed by the Group as insignificant.
Fair value of financial instruments
The fair values of all financial assets and liabilities approximates their carrying value.
Other risks
The industry risk is currently assessed as low, and the volume of advertising on the Internet is growing. However, it should be taken into consideration that the industry is affected by changing legislation on the regulation of the advertising services provision and compliance with information security of data. Also, the Group business depends on the availability, performance and reliability of internet, mobile and other infrastructures (speed, data capacity and security) that are not under the Group control.
The Group makes every effort to comply with the requirements of the legislation and to maintenance of a reliability for providing advertising internet services.
23. Related party disclosures
Parties are generally considered to be related if one party has the ability to control the other party or can exercise significant influence in making financial and operational decisions.
The related parties of the Group are:
· Petrus Cornelis Johannes Van Der Pijl - Director, international group member (the ultimate beneficiary).
· Stefans Keiss - international group member (the ultimate beneficiary).
· S Konovalov - international group member (the ultimate beneficiary).
· Vox Valor Holding LTD - international group member.
The affiliated parties of the Company are:
· Mobile Marketing LLC - through S. Konovalov.
· Adtech solutions limited - through S. Konovalov
· Triple Dragon Services OÜ - through Petrus Cornelis Johannes Van Der Pijl
· Triple Dragon Limited - through Petrus Cornelis Johannes Van Der Pijl
· Triple Dragon Funding Delta Limited - through Petrus Cornelis Johannes Van Der Pijl
23.1. Transactions with related parties
· Trade and other receivables - affiliated parties:
Debtor |
| Affiliated party |
| Description |
| 30 June 2024 |
| 31 December 2023 |
Mobio Global Ltd | | Adtech Solutions Ltd | | Service agreement | | 255,843 | | 453,264 |
Mobio Global Ltd | | Mobile Marketing LLC | | Service agreement | | 181,846 | | 181,942 |
| |
|
| Total: |
| 437,689 |
| 635,206 |
· Trade and other payables - affiliated parties:
Creditor |
| Affiliated party |
| Description |
| 30 June 2024 |
| 31 December 2023 |
Mobio Global Ltd | | Mobile Marketing LLC | | Audit fees charging | | 39,154 | | 40,240 |
Mobio (Singapore) Pte Ltd | | Mobile Marketing LLC | | Audit fees charging | | 4,702 | | 15,470 |
| |
|
| Total: |
| 43,856 |
| 55,710 |
· Loans - affiliated parties:
Creditor |
| Affiliated party |
| Description |
| 30 June 2024 |
| 31 December 2023 |
Vox Capital Ltd |
| Triple Dragon Funding Delta Ltd |
| Principal |
| 2,368,435 |
| 2,120,000 |
Vox Capital Ltd |
| Triple Dragon Funding Delta Ltd |
| Interest |
| 50,290 |
| 94,950 |
Mobio Global Ltd | | Adtech solutions Ltd | | Principal | | 302,652 | | 323,043 |
Mobio Global Ltd | | Adtech solutions Ltd | | Interest | | 86,315 | | 74,882 |
Vox Capital Ltd | | Mobile Marketing LLC | | Principal | | 40,000 | | 40,000 |
Vox Capital Ltd | | Mobile Marketing LLC | | Interest | | 10,525 | | 9,085 |
| |
|
| Total: |
| 2,858,217 |
| 2,661,960 |
· Income and expenses - affiliated parties as of December 31:
Parent company |
| Affiliated party |
| Description |
| H1 2024 |
| H1 2023 |
Mobio Global LTD | | Triple Dragon Services OÜ | | Sales revenue | | - | | 872,838 |
Mobio Global LTD | | Adtech Solutions Limited | | Sales revenue | | 1 290 514 | | 214,715 |
Mobio Global LTD | | Triple Dragon Services OÜ | | Operating expenses | | - | | 34,182 |
Mobio Global LTD | | Adtech Solutions Limited | | Administrative expenses | | - | | 375 |
Mobio Global LTD | | Adtech solutions limited | | Interest expenses | | - | | 14,373 |
Mobio (Singapore) Pte LTD | | Adtech Solutions Limited | | Sales revenue | | 3 191 851 | | - |
Mobio (Singapore) Pte LTD | | Triple Dragon Limited | | Operating expenses | | - | | 34,807 |
Vox Capital Ltd | | Triple Dragon Funding Delta Limited | | Interest expenses | | 308,704 | | 234,412 |
Vox Capital Ltd | | Mobile Marketing LLC | | Interest expenses | | 1,500 | | 1,504 |
| | | | | | | | |
Remuneration paid to key management personnel:
| Holding company | | Subsidiary companies |
| Total |
Directors Remuneration H1 2024 | - | | 141,604 |
| 141,604 |
Directors Remuneration H1 2023 | - | | 246,692 |
| 246,692 |
24. Subsequent events
In the period between the reporting date and the date of signing the financial statements for the interim reporting period, there were no other facts of economic activity that could have an impact on the financial condition, cash flow or performance of the organization and which should be reflected.
25. Approval of unaudited consolidated financial statements
Responsibility Statement
The Company's Directors, whose names and functions appear below this statement, are responsible for preparing this unaudited interim consolidated financial statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with Accounting Standard IAS 34 "Interim Financial Reporting".
The Directors, and each Director individually, confirms that, to the best of their knowledge, this unaudited consolidated financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and that the interim management report includes a fair review of the information required by DTR4.2.7R 7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year) and by DTR4.2.8R (disclosure of material related parties' transactions).
Directors:
John G Booth (Non-Executive Chairman)
Konstantin Khomyakov (Finance Director)
Rumit Shah (Non-Executive Director)
This unaudited consolidated financial information was approved by the Board on 27 September 2024
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